but I think you can't carry the kind of leverage that these companies have been carrying. I think that is the one thing that I would say has been -- the reason that we put ourselves in that place. And you get into a vicious cycle because

but i think you can't carry the kind of leverage that these companies have been carrying i think that is the one thing that i would say has been the reason that we put ourselves in that place and you get into a vicious cycle because


far outreached the increase in property taxes. Do you think municipalities are going to start pushing a bit more on valuations? Or how does that process work at the end of the day from a property tax standpoint?

far outreached the increase in property taxes do you think municipalities are going to start pushing a bit more on valuations or how does that process work at the end of the day from a property tax standpoint


clinical regulatory patient advocacy, some of the other business functions as well. So we did not want to set up a standalone business unit. We think it needs to be fully integrated as part of team Amicus.

clinical regulatory patient advocacy some of the other business functions as well so we did not want to set up a stand-alone business unit we think it needs to be fully integrated as part of team amicis


and then you have to cut back on staff. As we obviously don't need staff to take care of empty beds. And that's the more cumbersome process obviously because we need at the same time

and then you have to cut back on staff as we obviously don't need staff to take care of empty belts and that's the more cumbersome process obviously because we need at the same time


Automation solutions improved modestly as ongoing high growth in projects for heavy and general and industry customers were partially offset by slower demand in automotive.

automation solutions improved modestly as ongoing high growth in projects for heavy and general industry customers were partially offset by slower demand in automotive


I will be providing updates on the program and our progress in the future. There is plenty of opportunity ahead, and we'll be patient and methodical in the execution phase to manage risks and costs to achieve change.

i will be providing updates on the program and our progress in the future there is plenty of opportunity ahead and we will patient and methodical in the execution phase to manage risks and costs to achieve change


We are fortunate to be able to leverage his creativity and expertise as a culinarian, a visionary and our founder. For those of you who don't know me very well, I'd like to share some of my key beliefs and leadership principles so you know what to expect going forward.

we are fortunate to be able to leverage his creativity and expertise as a culinary visionary and our founder for those of you who don't know me very well i'd like to share some of my key beliefs and leadership principles so you know what to expect going forward


as the ongoing low interest rates and the continuously high demand for commercial and residential real estate are responsible for a generally good framework for this business field.


So that means we haven't attached that contract. From what we would see through the end of the year, I still would not expect us to attach the contract. And it would require, I mean, a really poor quarter for that to be the case.

so that means we haven't attached that contract from what we would see through the end of the year i still would not expect us to attach the contract and it would require a really poor quarter for that to be the case


that may cause the company's actual results and performance to be materially different from any future results or performance suggested by these expectations. The slide you now see gives you more information on the assumptions and factors we consider in making those forward-looking statements.

that may cause the company's actual results and performance to be materially different from any future results or performance suggested by these expectations the slide you now see gives you more information on the assumptions and factors we consider in making those forward-looking statements


between Iowa and Illinois as well as many other projects contributing to their significant backlog and is starting work on the Minneapolis light rail.

between iowa and illinois as well as many other projects contributing to their significant backlog and is starting work on the minneapolis light rail


went straight to chronic dosing toxicology studies, which are rather long and take a long time to read out and which were not complete before we initiated our single dose study. That's the first part of the question.

went straight to chronic dosing toxicology studies which are rather long and take a long time to read out and which were not complete before we initiated our single dose study that's the first part of the question


While the multifamily bridge lending space may be a pocket of the market causing concern related to credit quality, Fannie Mae and Freddie Mac have enforced disciplined underwriting standards in their multifamily lending

while the multifamily bridge lending space may be a pocket of the market causing concern related to credit quality fannie mae and freddie mac have enforced disciplined underwriting standards in their multifamily lending


While our adjusted EBITDA margin expectations are largely unchanged, the absolute level of adjusted EBITDA is expected to be modestly impacted primarily by a lower level of revenue than previously expected.

while our adjusted ebitda margin expectations are largely unchanged the absolute level of adjusted ebitda is expected to be modestly impacted primarily by a lower level of revenue than previously expected


where we have 3 large entities and having a competitive position coming from our economies of scale. This is where we can utilize that. Another group of topics

where we have 3 large entities and having a competitive position coming from our economies of scale this is where we can utilize that another group of topics


The transaction was unanimously approved by the full board and closed yesterday on February 27. Along with the entire board and management team, we are extremely pleased to have MBS and its people

the transaction was unanimously approved by the full board and closed yesterday on february 27 along with the entire board and management team we are extremely pleased to have mbs and its people


as well as to invest as much as we intelligently can to build the company for the future so we can serve all of our clients, communities and shareholders for the long term. We believe these investments are the right thing to do and good for all.

as well as to invest as much as we intelligently can to build the company for the future so we can serve all of our clients communities and shareholders for the long term we believe these investments are the right thing to do and good for all


our investments for organic growth is just looking at the past few years. I think when we've been focused on a bit of a challenging macro environment and really delivering bottom line operating leverage, we've been in that 0% to 2% growth range.

our investments for organic growth is just looking at the past few years i think when we've been focused on a bit of a challenging macro environment and really delivering bottom line operating leverage we've been in that 0% to 2% growth range


And then as we think about the server business, will revenue growth in the foreseeable future come entirely from mix shift and AUP increases? Or do you have any line of sight into

and then as we think about the server business will revenue growth in the foreseeable future come entirely from mix shift and aup increases or do you have any line of sight into


We have started divesting from coal. We have then divested from tobacco. And we have taken a further step from divesting from coal. On the one hand,

we have started divesting from coal we have then divested from tobacco and we have taken a further step from divesting from coal on the one hand


While each of these individual contracts is small, together, they comprise a nice portfolio of strategic contracts built of our core business, demonstrating our Land and Expand strategy.

while each of these individual contracts is small together they comprise a nice portfolio of strategic contracts built of our core business demonstrating our land and expand strategy


and a better indication of our future revenues, we are providing a new disclosure called remaining transaction price, which represents all future revenues that are under the contract, essentially our prior billed and unbilled deferred revenue.

and a better indication of our future revenues we are providing a new disclosure called remaining transaction price which represents all future revenues that are under the contract essentially our prior billed and unbilled deferred revenue


The company plans to replace its existing meters between 2017 and 2019 to provide expanded benefits to customers and to comply with state-mandated regulations on metering technology.

the company plans to replace its existing meters between 2017 and 2019 to provide expanded benefits to customers and to comply with state-mandated regulations on metering technology


And they really started to accelerate at the beginning of this year, as you know, as they exported a little bit extra -- too much corn out of the country and there was a shortage within the country. And so I would say that we've kind of got those prices in place at this point in time.

and they really started to accelerate at the beginning of this year as you know as they exported a little bit extra too much corn out of the country and there was a shortage within the country and so i would say that we've kind of got those prices in place at this point in time


demonstrated that we are able to buy assets on perhaps not performing and in a relatively quick time get them to perform. But we shouldn't -- we need to be very careful to make sure that we are confident that we can

demonstrated that we are able to buy assets that are perhaps not performing and in a relatively quick time get them to perform but we shouldn't -- we need to be very careful to make sure that we are confident that we can


Now I would like focus on the great progress we've made on a number of strategic growth initiatives throughout our businesses. At the Wyndham Hotel Group, our new and award winning Wyndham Rewards program continues to deliver great results.

now i'd like to focus on the great progress we've made on a number of strategic growth initiatives throughout our businesses at the wyndham hotel group our new and award-winning wyndham rewards program continues to deliver great results


and so for that reason what we're doing here is paying both the dividend and doing acquisitions. And that's still within, well within the limits for what we can do on our net debt-to-EBITDA target levels.

and so for that reason what we're doing here is paying both the dividend and doing acquisitions and that's still within -- well within the limits for what we can do on our net debt ebitda target levels


This is likely impacting our Orchard Portfolio business, although our contact stream optimization testing, which kicked into high gear in the first quarter, is making prior year comparisons for this business less meaningful.

this is likely impacting our orchard portfolio business although our contact stream optimization testing which kicked into high gear in the first quarter is making prior year comparisons for this business less meaningful


observed in patients on active therapy after 4 weeks of dosing may prove to be one of the key differentiating features for 9855. We will continue to track all patients through the remainder of their 5 month treatment period

observed in patients on active therapy after 4 weeks of dosing may prove to be one of the key differentiating features for 9855 we will continue to track all patients through the remainder of their 5-month treatment period


This is over 90% of our adjusted operating earnings. This demonstrates our ongoing commitment to capital return as well as confidence and our risk analytics and future cash flow capacity.

this is over 90% of our adjusted operating earnings this demonstrates our ongoing commitment to capital return as well as confidence in our risk analytics and future cash flow capacity


and demonstrate our continued ability to generate solid cash flow and core EPS. Looking across our business results for the first quarter, we were pleased with the stabilization we saw in the business

and demonstrate our continued ability to generate solid cash flow and core eps looking across our business results for the first quarter we were pleased with the stabilization we saw in the business


what is represented in this particular account so we can add back that data into the overall market. And I'd say generally speaking, HUMIRA continues to perform just like it has historically. In fact, if you look at

what is represented in this particular account so we can add back that data into the overall market and i'd say generally speaking humira continues to perform just like it has historically in fact if you look at


Our board, our management team and our financial and legal advisers spent a great deal of time analyzing the proposal and had multiple meetings with BW before their proposal was withdrawn.

our board our management team and our financial and legal advisers spent a great deal of time analyzing the proposal and had multiple meetings with bw before their proposal was withdrawn


strong orders in our Rail business, cash flow performance in line with our plan and solid execution on our growth programs and on transforming our operations.

strong orders in our rail business cash flow performance in line with our plan and solid execution on our growth programs and on transforming our operations


In addition, the underlying price increases achieved in 2015 as well as our expectations for volumes this year have positioned us well, even if the Canadian dollar continues to appreciate against the dollar.

in addition the underlying price increases achieved in 2015 as well as our expectations for volumes this year have positioned us well even if the canadian dollar continues to appreciate against the dollar


That's fair. Yes, typically, the way it works with the large OEM is that you will notify your intent to trigger price increases as per their contracts and then that goes into a negotiation of the

that's fair typically the way it works with a large oem is that you will notify your intent to trigger price increases as per their contracts and then that goes into a negotiation of the


in technology deployment into the shale industry. And again, this is why we have continued to invest into this business in terms of having capacity. Because if you want to be part of changing the outcome of the game,

in technology deployment into the shale -- into the shale industry and again this is why we have continued to invest into this business in terms of having capacity because if you want to be part of changing the outcome of the game


will review recent key items and operational results from the second quarter of '17. I will then provide a more in-depth financial review, and we will then take your questions before turning back to Alan with some brief closing comments.

for review recent key items and operational results from the second quarter of '17 i will then provide a more in-depth financial review and we will then take your questions before turning back to alan with some brief closing comments


and to make sure that that's clearly communicated to our customers and, of course, to deliver these exciting new villages that Stephen spoke of, in particular Birtinya on the Sunshine Coast, which is right next to the hospital precinct

and to make sure that that's clearly communicated to our customers and of course to deliver these exciting new villages that stephen spoke of in particular bitinya on the sunshine coast which is right next to the hospital precinct


We will also continue to do what we do best at the core of our business to strengthen asset management, development and operational capabilities whilst maintaining financial strength, flexibility and capability.

we will also continue to do what we do best at the core of our business to strengthen asset management development and operational capabilities whilst maintaining financial strength flexibility and capability


And again, with respect to the exploration wells, depending on the distance from existing infrastructure, the tie-in can be quite quick or it can be a couple of months while we're actually laying flow-lines to connect with the main

and again with respect to the exploration wells depending on the distance from existing infrastructure the tie-in can be quite quick or it can be a couple of months while we're actually laying flow lines to connect with the main


you'll see numbers that are just better from this company. This quarter was excellent, and I think just the underlying economics of our business are improving.

you'll see numbers that are just better from this company this quarter was excellent and i think just the underlying economics of our business are improving


we participate not only in the exclusive sale of physical discs by our GameStop-branded stores, but we also participate in the profit from digital sales of the game and related collectibles regardless of where they are sold.

we participate not only in the exclusive sale of physical discs by our gamestop branded stores but we also participate in the profit from digital sales of the game and related collectibles regardless of where they are sold


This metric will be most meaningful at the end of our fiscal years. Keep in mind that we expect 30% or more of our fiscal 2016 operating earnings to come from sources other than physical gaming.

this metric will be most meaningful at the end of our fiscal years keep in mind that we expect 30% or more of our fiscal 2016 operating earnings to come from sources other than physical gaming


Before we begin this morning, please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations with respect to the future of our business, the economy and other future events.

before we begin this morning please note that some of the information discussed during today's call will consist of forward-looking statements setting forth our current expectations with respect to the future of our business the economy and other future events


That's why we are engaged in advancing more affordable housing, more reliable transportation and more sustainable employment as well as the data integration to better coordinate these and other services.

that's why we are engaged in advancing more affordable housing more reliable transportation and more sustainable employment as well as the data integration to better coordinate these and other services


In addition, depending on market and leasing conditions, we intend to explore opportunities to sell or refinance properties subject to market conditions in order to close the full cycle and maximize value for our shareholders.

in addition depending on market and leasing conditions we intend to explore opportunities to sell or refinance properties subject to market conditions in order to close the full cycle and maximize value for our shareholders


with a growing contribution from recently completed repositioning and redevelopment work across the portfolio more than offsetting additional drag in the future redevelopment pipeline that's being incurred as a result of the timing of recent bankruptcy activity.

with the growing contribution from recently completed repositioning and redevelopment work across the portfolio more than offsetting additional drag in the future redevelopment pipeline that's being incurred as a result of the timing of recent bankruptcy activity


some deals which is very, very unusual for rookies. But most of them do have experience and they bring good leads with them. So we're encouraged by that.

some deals which is very very unusual for rookies but most of them do have experience and they bring good leads with them so we're encouraged by that


The accelerated amortization was recorded in the third quarter because of the requirement to classify our debt as current and our intent to pay down our debt with the proceeds from the Technology sale.

the accelerated amortization was recorded in the third quarter because of the requirement to classify our debt as current and our intent to pay down our debt with the proceeds from the technology sale


You should not rely on our forward-looking statements because the matters they describe are subject to assumptions, known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond our control.

you should not rely on our forward-looking statements because the matters they describe are subject to assumptions known and unknown risks uncertainties and other unpredictable factors many of which are beyond our control


If you were to look out and look at the market forecast, there is this capacity increase, but you have to also be mindful of the fact that when it comes to base oil business, there is a significant entry barrier.

if you were to look out and look at the market forecast there is this capacity increase but you have to also be mindful of the fact that when it comes to the base oil business there is a significant entry barrier


with organizations ranging from government programs to large enterprises, to small businesses, to MNOs and MVNOs, to customer loyalty programs and many others.

with organizations ranging from government programs to large enterprises to small businesses to mnos and mvnos to customer loyalty programs and many others


While our first fiscal quarter continues to operate at a loss, the addition of Perisher has significantly improved the profitability of our business during this period when our U.S.-based Mountain resorts are not open for winter operations.

while our first fiscal quarter continues to operate at a loss the addition of perisher has significantly improved the profitability of our business during this period when our u s -based mountain resorts are not open for winter operations


The investments we made over the last year in augmenting the distribution channel and increasing our direct sales force should continue to improve Digital Imaging revenue throughout the year, as we're seeing more opportunities for our hardware products.

the investments we made over the last year in augmenting the distribution channel and increasing our direct sales force should continue to improve digital imaging revenue throughout the year as we're seeing more opportunities for our hardware products


And the good news is that the first promotion that was executed at these lower price points has had a nice positive impact on the business. So as we look at the balance of 2019, I think we've got a better

and the good news is that the first promotion that was executed at these lower price points has had a nice positive impact on the business so as we look at the balance of 2019 i think we've got a better


you have to make a choice, right? You have to decide, well do I go complete wells out in space and setup a problem for the long-term? Or do I use that incremental capital to try and fill in all of my active leases as much as possible, right? Which means I'm going to offset

you have to make a choice right you have to decide well do i go complete wells out in space and set up a problem for the long term or do i use that incremental capital to try and fill in all of my active leases as much as possible right which means i'm going to offset


I'm going to be referring to the document in which you ought to have in front of you on the webcast. You turn to the agenda, it's the standard

i'm going to be referring to the document in which you ought to have in front of you on the webcast if you turn to the agenda it's the standard


For those of you less familiar with Avedro, we are pioneering treatment options for patients with corneal disease and those seeking to improve their eyesight with a noninvasive vision-correction procedure.

for those of you less familiar with avidro we are pioneering treatment options for patients with corneal disease and those seeking to improve their eyesight with a noninvasive vision correction procedure


Against that background and that expectation, we do however continue to plan for moderate growth in 2016. Our planning process every year is around cycle management, that's pushing forward

against that background and that expectation we do however continue to plan for moderate growth in 2016 our planning process every year is around cycle management that's pushing forward


The app will also add more value to the front store shopping experience through the delivery of digital coupons and targeted offers. Holistically, we see tremendous potential on the virtuous circle between our merchandising and our marketing strategies.

the app will also add more value to the front store shopping experience through the delivery of digital coupons and targeted offers holistically we see tremendous potential in the virtuous circle between our merchandising and our marketing strategies


Ray has 30 years of experience with Lear, including several international assignments. He has led both product segments and, most recently, transformed our Seating business into the fastest growing and most profitable seat supplier in the industry.

ray has 30 years of experience with lear including several international assignments he has led both product segments and most recently transformed our seating business into the fastest growing and most profitable seat supplier in the industry


But you need to invest in your authors and the way in which you manage those relationships, so we're investing there. We're investing in international sales capability and editorial capability in other markets because we see that as growth, as humanity, social science

but you need to invest in your authors and the way in which you manage those relationships so we're investing there we're investing in international sales capability and editorial capability in other markets because we see that as growth as humanity social science


improve sequentially then? So in other words, it would look better. I mean I know and I guess it's going to be tough to see in the first quarter because you -- typically, the first quarter is a bad quarter for doubtful accounts anyway. So

improve sequentially then so in other words it would look better i mean i know -- and i guess it's going to be tough to see in the first quarter because you typically -- the first quarter is a bad quarter for doubtful accounts anyway


a key phase in any acquisition process for us. But we have a very experienced management team and leaders ready and ready to make this happen. Job offers and acceptances have been finalized, and work streams in each of the main

a key phase in any acquisition process for us but we have a very experienced management team and leaders ready and ready to make this happen job offers and acceptances have been finalized and work streams in each of the main


the analytics of the old product, we feel pretty good about where we're at or we would not announce this filing date in today's press release if we've held off announcing this until

the analytics of the old product we feel pretty good about where we're at or we would not announce this filing date in today's press release if we held off announcing this until


actually many times. What we found is the best way to stimulate this kind of opportunity is to actually do things. To actually

actually many times what we found is the best way to stimulate this kind of opportunity is to actually do things to actually


specific projects that we already know about and have high confidence that we can execute on. But I'm sure that there will be additional incremental CapEx as we look towards the back end of the plan.

specific projects that we've already know about and have high confidence that we can execute on but i'm sure that there will be additional incremental capex as we look towards the back end of the plan


This change is driven by the step-change in receivables associated with our selling prices, which are now expected to remain near these elevated levels for longer than previously forecasted.

this change is driven by the step change in receivables associated with our selling prices which are now expected to remain near these elevated levels for longer than previously forecasted


we have just completed one of our best years for customer retention and have a good sense that much of the success can be attributed to new processes we -- and systems and other programs we have put in place over the past 2 years.

we have just completed one of our best years for customer retention and have a good sense that much of the success can be attributed to new processes and systems and other programs we have put in place over the past 2 years


And the other thing I would say relative to patterning, there are really 2 major areas of focus. One is shrinking features, but the other one is placing features in the right position.

and the other thing i would say relative to patterning there are really 2 major areas of focus one is shrinking features but the other one is placing features in the right position


on July 1, 2017. The closing of the sale will occur shortly after the proceeds of the television spectrum auction are distributed by the FCC, which we expect to occur during our second fiscal quarter

on july 1 2017 the closing of the sale will occur shortly after the proceeds of the television spectrum auction are distributed by the fcc which we expect to occur during our second fiscal quarter


Similarly, we wanted to partner with a Chinese data center operator, who we felt confident will provide the same level of support and dedication we provide our customers as we help our customers grow in China.

similarly we wanted to partner with the chinese data center operator who we felt confident would provide the same level of support and dedication we provide our customers as we help our customers grow in china


I think it's fair to say, Jonathan, we're always looking at are there other baskets of capital. And clearly, there's a ton of money wanting to get into data center space. So I think it's fair to say that

i think it's fair to say jonathan we're always looking at are there other baskets of capital and clearly there's a ton of money wanting to get into data center space so i think it's fair to say that


That said, Commerce Services continues to be impacted by headwinds around a higher dollar and higher transportation in labor costs. And investments made through the quarter are also impacted in the bottom line,

that said commerce services continues to be impacted by headwinds around the higher dollar and higher transportation and labor costs and investments made through the quarter are also impacting the bottom line


Our teams are racing towards growth, and we look forward to continuing to update you on our progress, both at our Analyst Day in New York and at next quarter's earnings call. Until then, you can find us on the road making things happen for our clients.

our teams are racing towards growth and we look forward to continuing to update you on our progress both at our analyst day in new york and at next quarter's earnings call until then you can find us on the road making things happen for our clients


Jimmy, as you know, we're always looking and always interested in talking to people who have a good company to sell, so we're going to continue with that. And of course, we're looking for something that is complementary to what we do,

as you know we're always looking and always interested in talking to people who have a good company to sell so we're going to continue with that and of course we're looking for something that is complementary to what we do


we're not just passively open with respect to our strategic declarations. We want to go out there and look for opportunities, and that's why we've built this capital

we're not just passively open with respect to our strategic declarations we want to go out there and look for opportunities and that's why we've built this capital


The biggest contributor to our license revenue growth was add-on business. Existing customers recognize the exceptional value we provide in protecting their IT infrastructure and are expanding with additional licenses and new products.

the biggest contributor to our license revenue growth was add-on business existing customers recognize the exceptional value we provide in protecting their it infrastructure and are expanding with additional licenses and new products


and that we will be fully offset by the end of the first quarter of 2018. We agree with most views that we are entering a more inflationary environment and remain committed to react with pricing where appropriate.

and that we will be fully offset by the end of the first quarter of 2018 we agree with most views that we are entering a more inflationary environment and remain committed to react with pricing where appropriate


third item to note is that the increase in spending within operations and maintenance is largely attributable to placing Carty into service and legal expenses related to the Carty litigation.

the third item to note is that the increase in spending within operations and maintenance is largely attributable to placing cardi into service and legal expenses related to the cardi litigation


We also see continued strong growth for transportation films as consumer awareness is increasing, particularly in Asia, where we have been successful in tapping into expanded distribution channels.

we also see continued strong growth for transportation films as consumer awareness is increasing particularly in asia where we have been successful in tapping into expanded distribution channels


Turning to the balance sheet. As a result of the new accounting standards, we now report unearned revenue in place of deferred revenue. And as you know, the new revenue standard has us recognizing certain revenues sooner than under prior standards

turning to the balance sheet as a result of the new accounting standards we now report unearned revenue in place of deferred revenue and as you know the new revenue standard has us recognizing certain revenues sooner than under prior standards


corporate headquarters in New York City, which we have essentially integrated into our Vancouver operations with minimal incremental cost, we have exited a very significant lease obligation here in Vancouver. There was a plan

corporate headquarters in new york city which we have essentially integrated into our vancouver operations with minimal incremental cost we have exited a very significant lease obligation here in vancouver there was a plan


The work we have done expanding our distribution reach, strengthening our big brands through better marketing and innovation and up-weighting recruitment efforts, were the key drivers of volume improvement across all of our regions.

the work we have done expanding our distribution reach strengthening our big brands through better marketing and innovation and up-weighting recruitment efforts were the key drivers of volume improvement across all of our regions


would you look to reduce it a little bit further? Is there no change in how you're thinking about it from 3 months ago? Or -- it doesn't sound like there's promotions in the market. Just curious how you're thinking about that aspect of the business.

would you look to reduce it a little bit further is it no change in how you're thinking about it from 3 months ago or it doesn't sound like there's any promotions in the market just curious how you're thinking about that aspect of the business


More importantly, we ensure that owners remain satisfied with the product long after the original sale by continual surveys and feedback loops. We're tracking our owners' satisfaction, whether they're staying at our resorts

more importantly we ensure that owners remain satisfied with the product long after the original sale by continual surveys and feedback loops we're tracking our owner satisfaction whether they are staying at our resorts


Dirk will become CEO effective in November, and I look forward to continuing to serve as Chairman of our board until the end of the first quarter next year to ensure a smooth transition.

dirk will become ceo effective in november and i look forward to continuing to serve as chairman of our board until the end of the first quarter next year to ensure a smooth transition


Keep in mind that we run with a very high measure of financial discipline, including economics, GAAP accounting and statutory accounting. And we've often said that we can meet higher standards, that's not a problem for us.

keep in mind that we run with a very high measure of financial discipline including economics gaap accounting and statutory accounting and we've often said that we can meet higher standards that's not a problem for us


We cannot comment any more relating to this process, but Seadrill has never missed a charter hire payment and is continuing to pay us the full agreed charter rate. And we continue our steep schedule repayment profile on the loan.

we cannot comment any more relating to this process but seadrill has never missed a charter hire payment and is continuing to pay us the full agreed charter rate and we continue our steep schedule repayment profile on the loan


In terms of returning capital to shareholders through our share repurchase program, tax reform provides us with confidence in the sustainability of our program and additional flexibility to enhance return of capital to shareholders.

in terms of returning capital to shareholders through our share repurchase program tax reform provides us with confidence in the sustainability of our program and additional flexibility to enhance return of capital to shareholders


Some of the additional strategies and initiatives that we've just recently introduced at that meeting have not yet kicked in

some of the additional strategies and initiatives that we've just recently introduced at that meeting have not yet kicked in


Market trends remained similar to what we saw throughout 2016 with ongoing focus on optimization, efficiency, securitization and the integration of software into solutions.

market trends remained similar to what we saw throughout 2016 with ongoing focus on optimization efficiency securitization and the integration of software into solutions


Average price per acre was comparable to the fourth quarter on a generally similar geographic mix. First quarter Real Estate sales included a slightly higher portion of Southern acres and fewer Western and Northern acres.

average price per acre was comparable to the fourth quarter on a generally similar geographic mix first quarter real estate sales included a slightly higher portion of southern acres and fewer western and northern acres


Japanese merchants also benefit from instant settlement as well as the increase in customer acquisition and conversion we see in other countries around the world from One Touch.

japanese merchants also benefit from instant settlement as well as the increase in customer acquisition and conversion we see in other countries around the world from onetouch


In the market making segment we will report global equities including America's equities and rest of the world and global FICC, fixed income currencies and commodities. This aligns much better with how we manage the segment,

in the market-making segment we will report global equities including americas equities and rest of the world and global fic fixed income currencies and commodities this aligns much better with how we manage the segment


significant increases in collectibles sales, they also see an increase in video games software and hardware sales driven by the increased traffic and expanded demographics that the broader selection of collectibles generates.

significant increases in collectible sales they also see an increase in video game software and hardware sales driven by the increased traffic and expanded demographics that the broader selection of collectibles generates


And then I guess, the other point that I would make is if we look back in time at what I'll call the last cycle, what we can say is that environment did act as a catalyst

and then i guess the other point that i would make is if we look back in time at what i'll call the last cycle what we can say is that environment did act as a catalyst


you've spoken in the past about quantitative and qualitative factors that are going to be considered by the board. I was wondering if you can maybe elaborate on some of those qualitative factors and the influence that those factors will have in the review process.

you've spoken in the past about quantitative and qualitative factors that are going to be considered by the board i was wondering if you could maybe elaborate on some of those qualitative factors and the influence that those factors will have in the review process


All forward-looking statements made during this call speak only as of the date they are made. Aptose undertakes no obligation to revise or update the statements to reflect events or circumstances after the date of this call, except as required by law.

all forward-looking statements made during this call speak only as of the date they are made aptos undertakes no obligation to revise or update the statements to reflect events or circumstances after the date of this call except as required by law


Our product line strategies will continue to evolve as we implement, learn and adjust to achieve our strategic objectives. This process reflects our cultural objectives of learning, accountability and excellence.

our product line strategies will continue to evolve as we implement learn and adjust to achieve our strategic objectives this process reflects our cultural objectives of learning accountability and excellence


One of the keys to successfully executing the strategy is having the right leadership team in place. In 2018, we added significant talent and expanded the roles of current Integer leaders to position us for success.

one of the keys to successfully executing this strategy is having the right leadership team in place in 2018 we added significant talent and expanded the roles of current integer leaders to position us for success


As I said last quarter, our need to invest remains, and we remain focused on driving long-term value. We look forward to continuing to update you on our progress. I'll now hand the call back over to Rich. Thanks, Brian.

as i said last quarter our need to invest remains and we remain focused on driving long-term value we look forward to continuing to update you on our progress i'll now hand the call back over to rich thanks brian


integrating very, very well into our culture and our organization and are very happy to be here. And we're happy to have them. So 10 people, a couple million dollars to support

integrating very very well into our culture and our organization and are very happy to be here and we're happy to have them so 10 people a couple of million dollars to support


I think it's important to recognize that our strategic plans and priorities are not changing. We will continue to focus on organically growing our regulated operations and maintaining the disciplined financial approach you've come to expect from us.

think it's important to recognize that our strategic plans and priorities are not changing we will continue to focus on organically growing our regulated operations and maintaining the disciplined financial approach you've come to expect from us


is that we are looking at a potential -- at potential off-balance sheet transactions to see if there's a way to get it off balance sheet and talking with partners on that. And that's our focus there so that it does help a lot of our ratios to take that debt off balance sheet.

is that we are looking at a potential off balance sheet transaction to see if there's a way to get it off balance sheet and talking with partners on that and that's our focus there so that it does help a lot of our ratios to take that debt off balance sheet


and still generating additional cash over and above that, which gives us more flexibility to do more things with the business. So we have not backed off on our interest in looking at

and still generating additional cash over and above that which gives us more flexibility to do more things with the business so we have not backed off on our interest in looking at


that should be finished in 2019. We are strengthening our competitive position through the technology pilot but also that we are utilizing the technological capability and confidence in the company

that should be finished in 2019 we are strengthening our competitive position through the technology pilot but also that we are utilizing the technological capability and competence in the company


the closure of our operations. But on top of that, we're reviewing the supply chain from every angle possible and basically saying every supplier we've had for the past couple of decades need to reapply for a job.

the closure of our plant 1 operations but on top of that we're reviewing the supply chain from every angle point possible and basically saying every supplier we've had for the past couple of decades need to reapply for a job


The one thing that is common to all of these situations that the patient has a significantly higher probability of a better outcome and the payer gets better value for the dollar.

the one thing that is common to all of these situations is that the patient has a significantly higher probability of a better outcome and the payer gets better value for the dollar


in that business in terms of just mining activity. There's a lot of conversation in that industry about who's going to bet on the future on increased demand because they're going to have to sink some capital

in that business in terms of just mining activity there's a lot of conversation in that industry about who's going to bet on the future and on increased demand because they're going to have to think some capital


This activity has been particularly marked from a conduct and customer perspective, and as we have said many times before, having a strong customer proposition is vital to succeed in the closed life fund consolidation market.

this activity has been particularly marked from a conduct and customer perspective and as we have said many times before having a strong customer proposition is vital to succeed in the closed life fund consolidation market


probably greater expansion in the early quarters of the year like we did in this first quarter, with it settling back down in the fourth quarter when the video game business has such a seasonal ramp up.

probably greater expansion in the early quarters of the year like we did in this first quarter with it settling back down in the fourth quarter when the video game business has such a seasonal ramp-up


And it's not that there were -- people were being spendthrift. It's we had these distributed operations, and we just weren't achieving scale benefits as rapidly as we should have -- as we could have been.

and it's not that there were -- people were being spendthrift it's we had these distributed operations and we just weren't achieving scale benefits as rapidly as we should have -- as we could have been


and thereby remove kind of that issue for investors such that we think we can have better execution and further differentiate ourselves from being a SNF REIT. So our position right now is that we're going to be opportunistic,

and thereby remove kind of that issue for investors such that we think we could have better execution and further differentiate ourselves from being a snf-free so our position right now is that we're going to be opportunistic


For the closed loop, we continue to target doubling the volume of direct lubricants sold from that of 2017. We remain confident about the compelling value proposition for our direct lubricant offering,

for the closed loop we continue to target doubling the volume of direct lubricants sold from that of 2017 we remain confident about the compelling value proposition for our direct lubricant offering


and working with other firms like ours, which is very helpful to us, both internally as well as from a marketing perspective externally. And adds value and insights to other endowments and foundations who don't have that expertise.

and working with other firms like ours which is very helpful to us both internally as well as from a marketing perspective externally and adds value and insights to other endowments and foundations who don't have that expertise


As Ludwig and Chris mentioned, we continue to pursue efficiencies and improve margins on a sustainable basis, and we'll be working hard to see those reflected in the coming year.

as ludvik and chris mentioned we continue to pursue efficiencies and improve margins on a sustainable basis and we'll be working hard to see those reflected in the coming year


a line for low power applications in the area of power modules with a possibility to integrate also microcontroller and include microcontrollers in this

aligned for low power applications in the area of power modules with the possibility to integrate also microcontroller and include microcontrollers in this


As mentioned, we see strong changes in our exchange rates and they move right now in a favorable direction for Duni and especially when it comes to the

as mentioned we see strong changes in our exchange rates and they move right now in a favorable direction for duny and especially when it comes to the


I don't think we want to a give specific number at this point. One thing that's important this year is, is regardless of the actual production volume, is to validate the production capacity of 20,000 stacks per year.

i don't think we want to give a specific number at this point but one thing that's important this year is regardless of the actual production volume is to validate the production capacity of 20 000 stacks per year


We would rather do no deal than do a bad deal. Our management team is dedicated to successfully addressing the increasing need for clean and potable water supply solutions, while driving value for our shareholders

we would rather do no deal than do a bad deal our management team is dedicated to successfully addressing the increasing need for clean and potable water solutions while driving value for our shareholders


can you give a little bit more color around what is different heading into 2019? Of course, we have the J code, but just a little more color about what gives you the confidence and the acceleration

can you give a little bit more color around what is different heading into 2019 of course we have the j code but just a little more color about what gives you the confidence in the acceleration


And it's nice when your efforts coincide with an increase in oil prices. So that was very positive. And our technical and operations groups are very keen that we can meet our flat production through FY '20, well on our way.

and it's nice when your efforts coincide with an increase in oil prices so that was very positive and our technical and operations groups are very keen that we can meet our flat production through fy '20 well on our way


Good morning, and thank you for joining us today. I will start with some comments about the quarter as well as provide my perspective on what we are seeing in terms of market activity in each of our regions. Overall, I'm pleased with our performance to start the year.

good morning and thank you for joining us today i will start with some comments about the quarter as well as provide my perspective on what we are seeing in terms of market activity in each of our regions overall i'm pleased with our performance to start the year


We'll make some opening remarks and then open the call to your questions. We don't want to bore you with a pile of numbers this morning, so we're assuming that you've had the opportunity to look at the announcement and the presentation.

we'll make some opening remarks and then open the call to your questions we don't want to bore you with a pile of numbers this morning so we're assuming that you've had the opportunity to look at the announcement and the presentation


While our past heritage as Fred's Super Dollar has provided us a base of loyal customers and a deep understanding of their needs, that is the past. First of all, healthcare is among the fastest-growing sectors of consumer spending.

while our past heritage as fred's superdollar has provided us a base of loyal customers and a deep understanding of their needs that is the past personal health care is among the fastest-growing sectors of consumer spending


These results fit with the normal seasonal pattern we expect in our business. And it does not change our outlook for the year. Turning to the balance sheet, let's look at the sequential change. We ended the quarter in a strong financial position.

these results fit with the normal seasonal pattern we expect in our business and it does not change our outlook for the year turning to the balance sheet let's look at the sequential change we ended the quarter in a strong financial position


On behalf of the entire Five Below team, I would like to express our deep gratitude to David for his invaluable contributions since cofounding the company with Tom, 13 years ago.

on behalf of the entire fivebelow team i would like to express our deep gratitude to david for his invaluable contribution since cofounding the company with tom 13 years ago


We're coming off November, when we anniversaried last year's peak Frozen weeks, but the critical holiday weeks lie ahead, and we believe we are well-positioned to deliver on our holiday plans.

we are coming off november when we anniversaryed last year's peak frozen weeks but the critical holiday weeks lie ahead and we believe we are well positioned to deliver on our holiday plans


This evolution will touch every aspect of our brand globally, digitally and physically from product packaging to logos to app design. This will encompass our consumer as well as our health solutions business.

this evolution will touch every aspect of our brand globally digitally and physically from product packaging to logos to app design this will encompass our consumer as well as our health solutions business


specialist that we talked about at the Investor Day, these are capabilities that we've added since the first half of last year that I think give us better growth prospect going forward, but obviously don't deliver immediately on day 1 in terms of business.

specialists we talked about at the investor day these are capabilities that we've added since the first half of last year that i think give us better growth prospect going forward but obviously don't deliver immediately on day 1 in terms of the business


then they'll choose that. And everybody will sort of think through it, make that assessment. They'll have to decide what's true for the short term versus what it's likely to look like a few years down the road. I think the longer horizon people take

then they'll choose that and everybody will sort of think through it make that assessment they'll have to decide what's true for the short term and versus what it's likely to look like a few years down the road i think the longer horizon people take


risks and uncertainties and other important factors that could cause actual financial and operating results to differ materially from those described in the forward-looking statements are detailed in the company's filings made with the SEC,

such risks and uncertainties and other important factors that could cause actual financial and operating results to differ materially from those described in the forward-looking statements are detailed in the company's filings made with the sec


Part of the calculus that we would have on if a scenario played out where we were granted accelerated approval, one of the things that we would look at in terms of critical path is label optimization.

part of the calculus that we would have on if a scenario played out where we were granted accelerated approval one of the things that we would look at in terms of critical path is label optimization


I'm hoping that I won't say this but by the next time that we talk that we'll have either found an answer to this or we won't. This is kind of our last idea. And so if we talk again and we don't get this idea to work,

i'm hoping that i won't say this but by the next time that we talk that we'll have either found an answer to this or we won't this is kind of our last idea and so if we talk again and we don't get this idea to work


In the second quarter, our industrial businesses had their best results in nearly 3 years, which helped -- I'm sorry, our industrial businesses had their best results in nearly 3 years, which helped offset weaker results in other areas of the company.

in the second quarter our industrial businesses had their best results in nearly 3 years which helped -- i'm sorry our industrial businesses had their best results in nearly 3 years which helped offset weaker results in other areas of the company


cost reduction efforts, a reduction in quality-related expenses and the impact of pension accounting treatment despite negative ForEx effects due to the appreciation of the yen and other factors.

cost reduction efforts a reduction in quality-related expenses and the impact of pension accounting treatment despite negative forex effects due to the appreciation of the yen and other factors


For Cholbam, the focus for bile acid synthesis disorders will be on supporting the evolving change in the diagnostic paradigm. The team will do this by raising more awareness of our genetic cholestasis panel and increasing its use.

for cholbam the focus for bile acid synthesis orders will be on supporting the evolving change in the diagnostic paradigm the team will do this by raising more awareness of our genetic cholestasis panel and increasing its use


Returning to the bigger picture Gary described. You may notice how resilient the industry and the company have become, particularly given the supply and demand adjustments now taking place in memory.

returning to the bigger picture gary described you may notice how resilient the industry and the company have become particularly given the supply and demand adjustments now taking place in memory


as the market is changing, our customers are also changing their bid sequence. I mean, one very large customer that most people know has pulled their bid in and made it a 1-year bid for all of their business that's going through right now.

as the market is changing our customers are also changing their bid sequence i mean one very large customer that most people know has pulled their bid in and made it a 1-year bid for all of their business that's going through right now


We haven't had the chance to have this discussion with the rating agencies yet because as you could read from the release, this is a very recent development.

we haven't had the chance to have this discussion with the rating agencies yet because as you could read from the release this is a very recent development


While the first steps on the path towards growing revenue were ensuring client satisfaction and ease of doing business with us, the next step is to make sure our clients understand the breadth of our enhanced solutions and how these solutions can truly enhance their businesses.

while the first steps on the path towards growing revenue we're ensuring client satisfaction and ease of doing business with us the next step is to make sure our clients understand the breadth of our enhanced solutions and how these solutions can truly enhance their businesses


Net interest margin is expected to slightly decreased during the fourth quarter as a mix of Equipment Finance originations continues to shift to flow with larger average transaction sizes, higher credit quality and lower yields.

net interest margin is expected to slightly decrease during the fourth quarter as the mix of equipment finance originations continues to shift to flows with larger average transaction sizes higher credit quality and lower yields


While again, the good news is there's no double taxation of those dividends, the bad news is that it will not give us the liquidity from the earnings to grow like we have in the past.

while again the good news is there's no double taxation of those dividends the bad news is that it will not give us the liquidity from the earnings to grow like we have in the past


And in addition to that, what's happening in the region is going to be a consideration also. So there's just a lot of variables that I'd like to be able to tell you what it looks like today, but we're not in a position to do that. That's why we take 2 years to do this.

and in addition to that what's happening in the region is going to be a consideration also so there's just a lot of variables that i'd like to be able to tell you what it looks like today but we're not in a position to do that that's why we take 2 years to do this


Remember that our fourth quarter 2015 free cash flow was quite strong, in part, due to the achievement of billing milestones that allowed us to collect cash in the fourth quarter, which was reflected in the year-end cash position.

remember that our fourth quarter 2015 free cash flow was quite strong in part due to the achievement of billing milestones that allowed us to collect cash in the fourth quarter which was reflected in the year-end cash position


Clearly, an important part of our business. We're in the process of opening up our second technical school to train service technicians, and we're looking at regional service centers to increase our service capacity into markets.

clearly an important part of our business we're in the process of opening up our second technical school to train service technicians and we're looking at regional service centers to increase our service capacity in certain markets


Okay. And just in terms of verticals that these suppliers are coming from, now you said you're rolling in sort of bigger guys quicker than you expected. Does that cause you to focus more narrow in terms of vertical? Or are you still kind of,

okay and just in terms of verticals that these suppliers are coming from now you said you're rolling in sort of bigger guys quicker than you expected does that cause you to focus more narrow in terms of vertical or are you still kind of


and Europe and Asia-Pacific operations as well as our corporate activity. As a reminder, corporate activity includes investment income and other gains as well as costs not associated with operating ITG's regional and product group business lines, including among others,

and europe and asia pacific operations as well as our corporate activity as a reminder corporate activity includes investment income and other gains as well as costs not associated with operating itg's regional and product group business lines including among others


which could position us to do exactly the kind of deal that you are speaking to. The notion that finding the right antigens to make the best possible vaccines is not something that we can fully exploit.

which could position us to do exactly the kind of deal that you're speaking to the notion that finding the right antigens to make the best possible vaccines is not something that we can fully exploit


the asphalt and oil prices sort of would remain kind of where they are now, what would your expectation be ballpark for the benefit that you would get on raw mat from the lower asphalt cost?

the asphalt and oil prices sort of remain kind of where they are now what would your expectation be ballpark for the benefit that you would get on raw mat from the lower asphalt cost


In closing, I'd like to commend our entire team for the solid and steady record of growth and profitability they have produced over the past 6 years since our IPO, a track record we can be very proud of within our industry.

in closing i'd like to commend our entire team for the solid and steady record of growth and profitability they have produced over the past 6 years since our ipo a track record we can be very proud of within our industry


Such statements are based on certain estimates and expectation and are subject to a number of risks and uncertainties. Actual future results may vary materially from those expressed or implied by the forward-looking statements.

such statements are based on certain estimates and expectations and are subject to a number of risks and uncertainties actual future results may vary materially from those expressed or implied by the forward-looking statements


an operating sponsor have demand to maybe integrate more marketing and retail assets into their businesses and there's an opportunity for Tesoro to sort of gain share

an operating sponsor have demand to maybe integrate more marketing and retail assets into their businesses and there's an opportunity for tesoro to sort of gain share into


At the present time, we believe we can achieve better results from taking advantage of opportunities in our own circuit and in newbuild opportunities rather than paying the multiples that are currently being offered for existing circuits.

at the present time we believe we can achieve better results from taking advantage of opportunities in our own circuit and in new build opportunities rather than paying the multiples that are currently being offered for existing circuits


And while DEXTENZA is the most near term and immediate imperative, it's no more important or urgent than development of our pipeline. The hydrogel platform has a multitude of current and potential applications that we intend to bring forward either by ourselves or in partnership with other companies.

while xtensa is the most near-term and immediate imperative it is no more important or urgent than development of our pipeline the hydrogel platform has a multitude of current and potential applications that we intend to bring forward either by ourselves or in partnership with other companies


And so if things are not unfolding in a positive direction with respect to administrative processes, we also have the option to go to court. So there are a number of different ways in which this can happen.

and so if things are not unfolding in a positive direction with respect to administrative processes we also have the option to go to court so there are a number of different ways in which this can happen


we're not going to decrease the coverage because we have new NPL. And I think your last question was about capital consolidated.

we're not going to decrease the coverage because we have new mpl and i think your last question was about capital consolidated


Let me first discuss our progress toward reestablishing high quality uninterrupted manufacturing supply, the most critical corporate objective for Sientra for the past 18 months.

let me first discuss our progress toward reestablishing high-quality uninterrupted manufacturing supply the most critical corporate objective for sientra for the past 18 months


create a little more focus by having a group and a sector, if you were, a segment that reported to me that woke up every day and all they thought about

create a little more focus by having a group and a sector if you were a segment that reported to me that woke up every day and all they thought about


This portfolio has performed very well for us since we started the business in 2004, and we expect it to continue to deliver strong results as we remain consistent with our conservative risk appetite and our selective approach to approve new loans.

this portfolio has performed very well for us since we started the business in 2004 and we expect it to continue to deliver strong results as we remain consistent with our conservative risk appetite and our selective approach to approve new loans


So in other words, the products engineered to what I would say probably a more heavy duty spec, which is needed in those countries, and that's something that we think for our efforts to expand distribution outside of

so in other words the product's engineered to i would say probably a more heavy-duty spec which is needed in those countries and that's something that we think for our efforts to expand distribution outside of


This transformational acquisition is an integration of 2 leading businesses with complementary strengths. Alpha's mission is to keep the world working by delivering solutions that meet today's and future power challenges.

this transformational acquisition is an integration of 2 leading businesses with complementary strengths alpa's mission is to keep the world working by delivering solutions that meet today's and future power challenges


a regular -- regulatory change in the manner in which the pharmacies were paid for that. I thought we had lapped that effect in terms of the way pharmacies were paid.

a regulatory change in the manner in which the pharmacies were paid for that i thought we had lapped that effect in terms of the way pharmacies were paid


and therefore, the convertible notes were determined to be dilutive. This resulted in an approximate 1.3 million share increase to the weighted average shares outstanding for the diluted EPS calculation for the quarter.

and therefore the convertible notes were determined to be dilutive this resulted in an approximate 1 3 million share increase to the weighted average shares outstanding for the diluted eps calculation for the quarter


Okay, Paul, it's Phil. In our slide deck, you do see that we do provide the one slide that includes the comparison of the total asset requirement between the old framework and the new framework, and from that you can effectively see

okay paul -- paul is phil i mean in our slide deck you do see that we do provide the one slide that includes the comparison of the total asset requirement between the old framework and the new framework and from that you can effectively see


in order to achieve further growth. At the same time, we will accelerate portfolio re-profiling based on business life cycles. This will be a task for a little longer than 3 years.

in order to achieve further growth at the same time we will accelerate portfolio reprofiling based on business life cycles this will be a task for a little longer than 3 years


Sure. So I think the data services business -- we've always liked that business but it really is the farthest afield from what we do. We acquired it when we acquired Rigzone. In the first place, there was a fair amount of interest

sure so i think the data services business we've always liked that business but it really is the farthest to field from what we do we acquired it when we acquired rigzone in the first place and there was a fair amount of interest


We expect incremental improvement in subsequent quarters. We are encouraged by the activity in our Information Technology Group. While we need to be patient with our new leadership, we are very excited about the potential.

we expect incremental improvement in subsequent quarters we are encouraged by the activity in our information technology group while we need to be patient with our new leadership we are very excited about the potential


So you can now in that message, you can motivate, you can make special offers to get those clients who would otherwise churn out or not really churn out, because they never actually subscribe, get them to subscribe.

so you can now in-app message you can motivate you can make special offers to get those clients who would otherwise churn out or not really churn out because they never actually subscribe get them to subscribe


because at the end, I'm sure you will have questions and that's probably the most important part because you could study already the deck that is as well sent to you or is on Internet.

because at the end i'm sure you will have questions and that's probably the most important part because you could study already the deck that is as well sent to you or is on internet


To that end, we have also hit the pause button in our handbag business. We felt that the product did not accurately reflect the Vince brand, and we have begun the process to find a designer to lead that business going forward.

to that end we have also hit the pause button in our handbag business we felt that the product did not accurately reflect the vince brand and we have begun the process to find a designer to lead that business going forward


is to delever and then to use our stock buyback program. We'll have to wait and see in terms of timing if there should be any proceeds from the auction or none whatsoever.

is to delever and then to use our stock buyback program we'll have to wait and see in terms of timing if there should be any proceeds from the auction or none whatsoever


creating intelligent engagements focused on business outcomes and investing in digital solutions. WNS also received further validation of our capabilities in this sub-vertical,

creating intelligent engagements focused on business outcomes and investing in digital solutions wns also received further validation of our capabilities in this subvertical


I will now turn the call back to Barry for concluding remarks. Barry? Thank you, Mike. As you've heard, we continue to focus on delivering results with operational excellence, which is at the center of everything we do.

i will now turn the call back to barry for concluding remarks barry thank you mike as you've heard we continue to focus on delivering results with operational excellence which is at the center of everything we do


We very clearly need more space and capacity at competitive price and cost levels for Medical Plastic Systems and also syringes. The new facility in Skopje will address these needs.

we very clearly need more space and capacity at competitive price and cost levels for medical plastic systems and also syringes the new facility in skopje will address these needs


General and administrative costs are higher because of an increase in IT costs, including costs for our transportation management system and human resource system as well as an increase in professional fees.

general and administrative costs are higher because of an increase in it costs including costs for our transportation management system and human resource system as well as an increase in professional fees


And to do that, we need to make sure that we're operating them to a certain standard. So some of the pickup in the recurring capital you're seeing there, but again, I think it's being more than paid for by the rents.

and to do that we need to make sure that we're operating them to a certain standard so some of the pickup in the recurring capital you're seeing there but again i think it's being more than paid for by the rents


It gives us better control over the flow of material through the plant. When an unplanned outage occurs, we need to ensure that we have replacement parts on the shelf, and we can get them quickly to minimize any downtime.

it gives us better control over the flow of material through the plant when an unplanned outage occurs we need to ensure that we have replacement parts on the shelf and we can get them quickly to minimize any downtime


We have demonstrated our ability to execute a complex set of financing transactions quickly and with great results. We have built a strong intel integration team that is skilled at complex business separation and integration.

we have demonstrated our ability to execute a complex set of financing transactions quickly and with great results we have built a strong internal integration team that is skilled at complex business separation and integration


and they're not mutually exclusive. First would be our focus on digital engagement. We're generating more traffic to our website and mobile and improving our key organic search performance with better content merchandising.

and they're not mutually exclusive first would be our focus on digital engagement we're generating more traffic to our website and mobile and improving our key organic search performance with better content merchandising


We now expect market prices to be flat sequentially from the third quarter. However, our price is forecast to be up mid-single digits as the units to be sold in the fourth quarter will be newer.

we now expect market prices to be flat sequentially from the third quarter however our prices forecast to be up mid-single digits as the units to be sold in the fourth quarter will be newer


used truck recovery is tough to call. But if you had to guess today, at what point do you think you'll be able to get back to seeing a level of gains on sale that's in line with the historical average? And

used truck recovery is tough to call but if you had to guess today at what point do you think you'll be able to get back to seeing a level of gains on sale that's in line with the historical average and


And those expansions covering either a new -- entire new line of business or a significantly larger field of play from an audit perspective. So that's part of it.

and those expansions covering a -- either a new -- entire new line of business or significantly larger field of play from an audit perspective so that's part of it


We are achieving a slightly lower effective tax rate for state income taxes this year, and we continue to expect an effective rate of approximately 40% for the full year this year.

we are achieving a slightly lower effective tax rate for state income taxes this year and we continue to expect an effective rate of approximately 40% for the full year this year


Once again, we delivered on our commitment to drive value for our shareholders in the quarter, in maintaining a prudent capital allocation plan. We invested and supported the growth in our core business through capital spending and expenses.

once again we delivered on our commitment to drive value for our shareholders in the quarter in maintaining a prudent capital allocation plan we invested and supported the growth in our core business through capital spending and expenses


slightly lower share count and the reduction of convertible debt. Our strategy is providing good guidance on whether to buy shares, buy a new club, open a new restaurant or pay down debt.

slightly lower share count and the reduction of convertible debt our strategy is providing good guidance on whether to buy shares buy a new club open a new restaurant or pay down debt


But turning to the next slide. The part that we're most excited about actually begins once you have a mortgage. In terms of financial health, owning a home and getting mortgage-free is one of the biggest opportunities for Canadians to build wealth, and helping them get there is what this product is all about.

but turning to the next slide the part that we're most excited about actually begins once you have a mortgage in terms of financial health owning a home and getting mortgage-free is one of the biggest opportunities for canadians to build wealth and helping them get there is what this product is all about


as other companies, we carry out our adjustments at the end of the year. We carry out many impairment adjustments, inventory adjustments, and all of them are

as other companies we carry out our adjustments at the end of the year we carry out many impairment adjustments inventory adjustments and all of them are


which, while impacting debt, has not had a meaningful contribution to our EBITDA. Starting in Q1, we will finally begin to recognize earnings for the new vessel.

which while impacting debt has not had a meaningful contribution to our ebitda starting in q1 we will finally begin to recognize earnings for the new vessel


The opportunity for savings has led to the hiring of an additional purchasing resource that has started within the last month to assist in identifying and executing on existing and potential cost savings.

the opportunity for savings has led to the hiring of an additional purchasing resource that has started within the last month to assist in identifying and executing on existing and potential cost savings


an absolute focus on parts discounts and service discounts to a much more focus on availability and keeping those trucks up and running and that make sense in this cycle, right? You go from a period where you're trying to survive,

an absolute focus on parts discounts and service discounts to much more focus on availability and keeping those trucks up and running and that makes sense in the cycle right you go from a period where you're trying to survive


In addition to this, we've done a broader review of all of our recent IT investments to ensure that any residual exposures are now addressed. We consider this review as complete and now final.

in addition to this we have done a broader review of all of our recent it investments to ensure that any residual exposures are now addressed we consider this review as complete and now final


But if we're truly to become a health and wellness brand, we have to inspire people to be healthier all year long. So in 2018, we're introducing a new campaign globally, summer of impact.

but if we're truly to become a health and wellness brand we have to inspire people to be healthier all year long so in 2018 we're introducing a new campaign globally summer of impact


size of car? So will this be used -- with the targets that you've given, will it be used in a particular range of cars? Could you maybe provide more clarity in terms of where you think it's going into the market?

size of car so will this be used with the targets that you've given will it be used in a particular range of cars could you maybe provide more clarity in terms of where you think it's going into the market


and then also being able to see their logo on an e-mail marketing as well. So that is becoming another vehicle for us to be able to get out in front of small business owners as well. So there's a lot there but

and then also being able to see their logo on e-mail marketing as well so that is becoming another vehicle for us to be able to get out in front of small business owners as well so there's a lot there but


Although we await next steps from FERC on the MISO ROE complaints, the new methodology appears to be generally constructive and we will look -- we look forward to getting closure on these outstanding complaints.

although we await next steps from ferc on the miso roe complaints the new methodology appears to be generally constructive and we look forward to getting closure on these outstanding complaints


including our customers, our employees and the investment community. James's vision has been instrumental to the evolution of YRC Worldwide, and I am grateful for his contributions and personal support.

including our customers our employees and the investment community james' vision has been instrumental to the evolution of yrc worldwide and i am grateful for his contributions and personal support


Yes, I think the best way to imagine what we are -- and a lot of fast businesses don't perform this way. I don't know why. We're really a high fixed low-variable cost business.

yes i think the best way to imagine what we are and a lot of saas businesses don't perform this way i don't know why we're really a high fixed low variable cost business


And when we put that model together, we take into account the investments that we're making in initiatives, such as loyalty or omni-channel. And so we continue to manage our business that way. And therefore, we feel confident that we should be able to deliver

and when we put that model together we take into account the investments that we're making in initiatives such as loyalty or omnichannel and so we continue to manage our business that way and therefore we feel confident that we should be able to deliver


How many of those do you actually have a relatively high degree of visibility on in terms of either specific date, certain packet expiration or a settlement? Obviously, the FDA hasn't been doing

how many of those do you actually have a relatively high degree of visibility on in terms of either specific date certain expiration or a settlement obviously the fda hasn't been doing


The lower buyback this half just reflects that there were a number and variety of investment opportunities, which we were considering and while doing so, held back on the buyback. There has been no change to our capital allocation policy.

the lower buyback this half just reflects that there were a number and variety of investment opportunities which we were considering and while doing so held back on the buyback there has been no change to our capital allocation policy


While there was nothing of similar scale this year, despite both the publisher's and our best efforts at an expanded range of humor books. And so it was a difficult Christmas for us in Books.

while there was nothing of similar scale this year despite both the publishers and our best efforts at an expanded range of humor books and so it was a difficult christmas for us in books


Excluding these charges, the adjusted cost base remains stable despite higher software amortization and investment expenses related to our strategic initiatives, including the expansion of our digital solutions.

excluding these charges the adjusted cost base remained stable despite higher software amortization and investment expenses related to our strategic initiatives including the expansion of our digital solutions


And I'd remind you here of our significant debt reduction, 2 dividend increases and RAI's new share repurchase program. So I'm very pleased with the way this year has progressed.

and i'd remind you here of our significant debt reduction 2 dividend increases and rai's new share repurchase program so i'm very pleased with the way this year has progressed


that generates value. And so we really feel like it's not the individual components, it's the totality that is emerging, the one-stop shop for an entire solution that's emerging that is truly going to drive the bookings growth.

that generates value and so we really feel like it's not the individual components it's the totality that is emerging the one-stop shop for an entire solution that's emerging that is truly going to drive the bookings growth


We believe that the bottom has finally entered precious metals, and both our actively managed precious metal strategies and our exchange-listed products are well positioned to benefit from a recovery and performance and investor interest.

we believe that the bottom is finally in for precious metals and both our actively managed precious metal strategies and our exchange-listed products are well positioned to benefit from a recovery in performance and investor interest


The upside here is that when those bankers get back into the marketplace, which they are now getting to do, and have access to our larger set of products and services and higher lending limits, new business is strong.

the upside here is that when those bankers get back into the marketplace which they are now getting to do and have access to our larger set of products and services and higher lending limits new business is strong


in our capital deployment plans. The management team remains focused on the most prudent and sensible uses of cash in support of our longer-term strategic growth plans.

in our capital deployment plans the management team remains focused on the most prudent and sensible uses of cash in support of our longer-term strategic growth plans


And so if we were to decide we wanted more or less, we have the ability to adjust that in the future if we need to. I mean, right now, we're comfortable where we are, but we frequently look at them, and if we need to make an adjustment, we will.

and so if we were to decide we wanted more or less we have the ability to adjust that in the future if we need to i mean right now we're comfortable where we are but we frequently look at them and if we need to make an adjustment we will


are actually -- are very much what we've looked at. There's not a lot of change in there. But when you think of things that have a bigger CapEx component to it, you're seeing those things get pushed out. And those aren't a big piece of overall business.

are actually -- are very much what we've looked at there not a lot of change in there but when you think of things that have a bigger capex component to it you're seeing those things get pushed out and those aren't a big piece of our overall business


Now these adjustments are calculated once every quarter at the end of each quarter based on the warranty costs incurred during the course of that quarter, and it's essentially catch-up adjustment at the end of each quarter.

now these adjustments are calculated once every quarter at the end of each quarter based on the warranty costs incurred during the course of that quarter and it's essentially a catch-up adjustment at the end of each quarter


In Latin America and Caribbean, net sales were up about 1%, with a weaker second half due to the unwind of advanced purchasing in the first half ahead of the December duty increase in Brazil.

in latin america and caribbean net sales were up about 1% with a weaker second half due to the unwind of advanced purchasing in the first half ahead of the december duty increase in brazil


In the third quarter, we have been actively evaluating other potential opportunities in our pipeline, but remain highly selective and focused on accretive acquisitions that adhere to our selection criteria.

in the third quarter we have been actively evaluating other potential opportunities in our pipeline but remain highly selective and focused on accretive acquisitions that adhere to our selection criteria


I think it's hard to quantify that, given the amount of volatility we've seen in oil, that the second half of the year is still yet to be seen in terms of what we would buy now and when it will come through our economics. But we're pretty optimistic

i think it's hard to quantify that given the amount of volatility we've seen in oil that -- the second half of the year is still yet to be seen in terms of what we would buy now and when it will come through our economics but we're pretty optimistic


Right now, you're just saying that there've been previous promotion practices, I guess, that were not less than ideal in terms of their payback and so you're not chasing that business any longer.

right now you're just saying that there have been previous promotion practices i guess that were not less than ideal in terms of their payback and so you're not chasing that business any longer


We are being strategic about what we add. Acquisitions don't have to be large, but they must meet our criteria for high-margin businesses that strengthen our product and technology portfolios,

we are being strategic about what we add acquisitions don't have to be large but they must meet our criteria for high-margin businesses that strengthen our product and technology portfolios


across that Phase-1 footprint. A number of those vendors are modular service providers today. And so on 2 dimensions coming out of that work, one is just our competitive value prop and, to Gary's comments,

across that phase i footprint a number of those vendors are modular service providers today and so on 2 dimensions coming out of that work one is just our competitive value prop and to gary's comments


Please note that information reported on this call speaks only as of today, November 2, 2018, and therefore, you are advised that time-sensitive information may no longer be accurate at the time of any replay listening or transcript reading.

please note that information reported on this call speaks only as of today november 2 2018 and therefore you are advised that time-sensitive information may no longer be accurate at the time of any replay listening or transcript reading


We could easily turn in better financial results this year by not spending on product design and development expertise in consumer brands, we're not launching Well Worn or investing in our digital assets and capabilities for the future.

we could easily turn in better financial results this year by not spending on product design and development expertise and consumer brands or not launching well-worn or investing in our digital assets and capabilities for the future


will compress our margin expansion in 2016, but we are confident that we will be able to leverage our growth and enhanced infrastructure to drive greater margin expansion over the longer term.

will compress our margin expansion in 2016 but we are confident that we will be able to leverage our growth and enhanced infrastructure to drive greater margin expansion over the longer term


there's been a lot of noise in it over the last, say, 1 year, 1.5 years, if you think about the interruption we've had in several of our assortments. So we're kind of seeing that return to normal, if you will.

there's been a lot of noise in it over the last say year year and a half if you think about the interruption we've had in several of our assortments so we're kind of seeing that return to normal if you will


The sale of these 3 suburban hotels reflect a continuation of our capital recycling strategy as well as the strong interest from foreign capital and local real estate investors in stabilized select service assets in the best suburban markets.

the sale of these 3 suburban hotels reflect a continuation of our capital recycling strategy as well as the strong interest from foreign capital and local real estate investors in stabilized select service assets in the best suburban markets


better trends with respect to government-pay patients, which is the change in patient mix we saw, particularly starting in the first quarter last year, although it continued throughout the year. So we're seeing

better trends with respect to government pay patients which is the change in patient mix we saw particularly starting in the first quarter last year although it continued throughout the year so we're seeing


Let me start with Vyxeos. We were pleased to see demand accelerate in the fourth quarter driven by continued growth in key academic institutions, as well as higher-than-expected early adoption in select community hospitals.

let me start with vyxeos we were pleased to see demand accelerate in the fourth quarter driven by continued growth in key academic institutions as well as higher-than-expected early adoption in select community hospitals


And as a result, we raised our oil guidance. But what we haven't seen is the corresponding increase in GOR, which is why we did not raise our BOE forecasts until we see where that shakes out.

and as a result we raised our oil guidance but what we haven't seen is the corresponding increase in gor which is why we did not raise our boe forecast until we see where that shakes out


Through our established land and expand account management approach, we continue to grow our relationships and revenues with our existing customers. As Tim mentioned, we've seen a change in the landscape in the type of customers we have.

through our established land and expand account management approach we continue to grow our relationships and revenues with our existing customers as tim mentioned we've seen a change in the landscape in the type of customers we have


The improved company performance is explained mainly by significant improvements in the operation of the -- most businesses, but mainly bank businesses in Chile and in retail in Peru.

the improved company performance is explained mainly by a significant improvement in the operation of the -- of most businesses but mainly bank businesses in chile and in retail in peru


The well has only been flowing for about 2 weeks and it's still in the cleanup process. We're excited with the results and believe it demonstrates favorable economics for the 2nd Bone Spring Sand on our acreage.

the well has only been flowing for about 2 weeks and is still in the cleanup process we are excited with the results and believe it demonstrates favorable economics for the second bone spring sand on our acreage


promote within our own stores, that directly impacts our wholesale business. And in many cases, they'll price match us, which just exasperates all the promotions that are going on out there.

promote within our own stores that directly impacts our wholesale business and in many cases they'll price match us which just exasperates all the promotions that are going on out there


net new business. I would say one of the things -- we've never had a lot of losses, but I would even say this year, our losses are less than they were on the last few years on a run rate, which is

net new business i would say one of the things we've never had a lot of losses but i would even say this year our losses are less than they were on the last few years on a run rate which is


And they don't like to adjust their expectations lower as interest rates rise because they feel like the economy is doing better, so my real estate should be doing better, too. And it's a very bond-like instrument that ultimately is falling in value as interest rates rise.

and they don't like to adjust their expectations lower as interest rates rise because they feel like the economy is doing better so my real estate should be doing better too and it's a very bond-like instrument that ultimately is falling in value as interest rates rise


This improves our access to capital markets and has facilitated a revised bank facility, lowering our cost of debt and positioning the group well for the future.

this improves our access to capital markets and has facilitated a revised bank facility lowering our cost of debt and positioning the group well for the future


and will contribute to future margins, as Chris mentioned. Finally, our work focused on customer value -- or on creating customer value through deeper relationships continues to build out the foundation for personalization, a major priority.

and will contribute to future margins as chris mentioned finally our work focused on customer value -- on creating customer value through deeper relationships continues to build out the foundation for personalization a major priority